Yanayin DeFi 2025-2026 — Mene ne Sabo?

Kudin da ba a sarrafa su daga tsakiya ba (DeFi) ya sake dawowa cikin hankalin jama'a, inda ya sake samun karfi a lokacin bazara tare da kwararar sabbin tsare-tsare da ka'idoji (protocols) da ake kaddamarwa yayin da kasuwanni ke kokarin tsayuwa da kafafunsu don neman gano ainihin farashin kadarori. Bayan ya yi sanyi a lokacin faduwar kasuwa (bear market), bangaren ba wai kawai ya farfado ba ne; an sake fasalinsa gaba daya. Zuwa tsakiyar shekarar 2025, fannin DeFi ya bunkasa sosai tare da kwararar manyan jari, sabbin ka'idoji masu kirkira, da kuma sauyin tunani. Tsohuwar akidar nan ta kawai kulle dukiya mai yawa yadda mutum zai iya ta kau. An maye gurbinta da wani sabon tsari — ingancin amfani da jari (capital efficiency). Ba batun yawan kudi ba ne kuma, ko nawa ne ke cikin tsarin, sai dai batun yadda ake amfani da su cikin kwarewa da inganci. Wannan ci gaban yana nuna yadda kasuwar ke kara girma, wadda ke kara kusantowa da tsarin kudi na gargajiya (traditional finance) kuma take nufin samar da hanyoyin warware matsaloli masu dorewa da inganci wadanda ke jan hankalin kwararrun masu harkar crypto da kuma manyan hukumomin da ke taka-tsantsan. Fasahar da ke bayansa ta kara karfi, kwarewar masu amfani da ita ta karu, sannan kayayyakin hada-hadar kudi sun kara inganci – gaba daya wannan yana nuna hoton wani bangare da ke samun gindin zama da kansa.

Sabuwar Taguwar Bunkasa da Ingancin Amfani da Jari

Alkaluman da kansu suna bayar da labari mai karfi na farfadowa. Jimillar darajar da aka kulle (SVL) a cikin dukkan hanyoyin sadarwa na DeFi, bayan da kyar ta kai dala biliyan 51 shekaru biyu kacal da suka wuce, a watan Yulin 2025 ta kai kusan dala biliyan 135. Wannan bai kai matsayin da aka taba samu ba a wannan ranar a shekarar 2021, lokacin da aka tara dala biliyan 215 jim kadan bayan karshen watan Satumba, amma saurin bunkasar ya sake nuna cewa an fita daga halin matsin lambar da kasuwar ta shiga. Duk da haka, manazarta fannin suna gargadin cewa ya kamata wasu masu zuba jari su kiyayi daukar TVL a matsayin ma'auni daya tilo na lafiyar bangaren. Kasuwar ta wuce matakin da shiga cikinta ke nufin sai ka bayar da jingina mai yawa kuma ka tara kadarori masu hadari (leverage) yayin da kake neman riba. An karkata hankali sosai wajen ganin an sanya jari ya yi aiki cikin kwarewa da basira.

Wannan sabon mayar da hankali kan inganci yana bayyana a cikin sauye-sauyen dabarun yield farming wadanda yanzu suka fi sarkakiya da daidaita kasada, da kuma tsarin liquidity pool wanda aka samar don tabbatar da farashi, rage slippage, da kuma samar da ingantacciyar riba ga masu samar da kudi.

A wannan sabon zamanin, protocols na zamani sun sake fasalin ka'idojin mu'amala. Yi la'akari da hanyar sadarwa ta Hyperliquid a matsayin misali, wadda ba tare da kowane irin garabasar token ba tuni take da sama da dala miliyan 500 na ciniki a kullum, wanda hakan ya sa ta zama hanyar sadarwa ta blockchain ta farko da ta taba shiga cikin guda 10 na farko ta fuskar rabon TVL kafin fitar da kadarar ta na asali. Wannan yana nuna wani muhimmin yanayi: hankali yana karkata ne ga ainihin amfani da kwazo, maimakon ladan hasashe. Sauran tokens na asali na sabbin ayyuka sun ga ci gaba mai ban sha'awa kamar haka:

1. SYRUP daga Maple Finance;

2. ENA daga Ethena;

3. HYPE daga Hyperliquid;

4. EUL daga Euler;

5. Shahararren AAVE.

Dukkan wadannan dandamali suna nuna cewa za ka iya samun gagarumin yawan ciniki, ba tare da bukatar rike biliyoyin daloli a cikin smart contracts ba. Yanzu, tattaunawar ta sauya daga "nawa ne aka daskare" zuwa "nawa ne yake gudana". Kuma abin da ya taba zama kamar wasa (meme) a DeFi — wato ra'ayin ingancin jari (capital efficiency) — ya zama mizanin nan gaba nan da shekarar 2025, wanda hakan ke tilasta wa masu samar da fasaha gina kayayyakin kudi masu sauki, inganci, da kuma hadaka.

Masu Juya Kasuwa — Stablecoins, RWA da Kuma Dawwamammen Mulkin Ethereum

A karkashin wannan yanayi na ba da fifiko ga inganci, akwai wasu fannoni da ke tasowa wadanda ke ba da tallafi ga tsarin DeFi baki daya. Kasuwar abin da ake kira stablecoins har yanzu tana bunkasa sosai; a binciken karshe, akwai darajar dala biliyan 258 da ke yawo. Wannan bangaren ya kuma sami karfafa gwiwa daga manyan kamfanonin biyan kudi, kamar shigar PayPal cikin kasuwar wanda ke tabbatar da matsayinsa a matsayin ginshikin DeFi da kuma tattalin arzikin intanet baki daya.

A halin yanzu, da alama mayar da kadarorin zahiri zuwa lambobi (tokenization of real-world assets ko RWA) ya yi nisa daga kasancewa kawai wani ra'ayi na musamman zuwa zama fage mai cike da kyakkyawan fata. Cikin kasa da 'yan shekaru da kafuwa, kasuwar RWA yanzu tana rike da sama da dala biliyan 25 a matsayin TVL (jimillar darajar da aka kulle), godiya ga manyan kamfanonin kudi kamar BlackRock da Franklin Templeton wadanda ke hada harkar kudi ta gargajiya da fasahar blockchain.

Wannan hadewar, kamar yadda aka bayyana a wani rubutu a shafin yanar gizo a yau, tana kawo rukunonin kadarori da aka gwada aka kuma amince da su kamar gidaje da filaye, bashi na sirri, da takardun lamuni na gwamnati zuwa kan blockchain, wanda hakan ke ba DeFi damar samun jingina mafi karko tare da karancin sauyin farashi, yayin da kuma yake bude damammakin samun riba iri-iri ga masu ba da bashi.

A cikin jerin sabbin abubuwa, da kuma tsakiyar gasa mai sauya alkibla, Ethereum ya yi nasarar rike matsayinsa na jagora a masana'antar. Zuwa karshen rubu'i na biyu (Q2) na shekarar 2025, yana rike da kusan kashi 57% na dukkan TVL na DeFi, wanda ya kasance tabbatacce sosai har ma ya karu daga mafi kankantar matsayinsa na kashi 51% a farkon shekarar 2023. Wannan juriya tana da ban sha'awa kwarai idan aka yi la'akari da gomman sabbin blockchains masu saurin gaske da suka bayyana. Kuma babban bangare na wannan nasarar ya samo asali ne daga bunkasar tsarin fadada L2 na Ethereum. Dandamali kamar Base da Arbitrum, wadanda ke gudanar da hada-hadar kudi a wajen babban sarka (main chain) don sauri da rage tsada kafin su rubuta su dindindin a kan Ethereum kansa, bai kamata a dauke su a matsayin masu gasa ba; ya kamata a kalle su a matsayin kari ga hanyar sadarwar. Dukkan wannan bunkasar, inda Base da Arbitrum yanzu ke wakiltar sama da kashi 3% da kashi 2% na TVL bi da bi, wani sauyi ne a cikin hanyar sadarwar wanda ke nuna nasarar tsarin Ethereum na "modular" wajen fadada ayyuka ba tare da yin watsi da muhimman matakan tsaro na asali ba.

Makoma Mai Hadin Gwiwa — Omnichain, a cikin hanyar sadarwa ta TRON da Sabbin Cibiyoyin Kasuwanci

Amma dangane da yawan ciniki na yau da kullum, jadawalin ya sha bamban sosai.

Kuma aƙalla idan ana maganar musayar kuɗi ta hanyar da ba ta tsakiya ba (DEX), babban hanyar sadarwa ta Ethereum (mainnet) ba ita ce kaɗai ke jan ragama ba ta fuskar girman ciniki. A yanzu tana iƙirarin gudanar da ciniki na kusan dala biliyan 3 a kowace rana — wanda ba abin kunya ba ne, amma wasu tsarin muhalli (ecosystems) masu sauri da inganci sun riga sun tsere mata. BNB Chain ce ke kan gaba a wannan jerin tare da gagarumin ciniki na dala biliyan 5.7 a kowace rana, sannan Solana tana biye da ita da dala biliyan 3.3. Wannan bayani yana nuna yadda ciniki a cikin sarka (on-chain trading) yake komawa zuwa ayyukan da ke samar da kyakkyawar ƙwarewa, sauri, da kuma rahusa ga masu amfani. Sai dai, ana magance wannan rarrabuwar kawuna ta hanyar ɗaya daga cikin sabbin hanyoyin da ke tasowa: omnichain DeFi. Wannan tsarin yana ba da damar sadarwa cikin sauƙi tsakanin hanyoyin sadarwa na blockchain daban-daban, inda za a iya tura kadarori da bayanai cikin walwala tsakanin hanyoyin sadarwar. Ta hanyar rushe shingayen da ke raba waɗannan keɓaɓɓun wuraren, hanyoyin omnichain suna magance rarrabuwar ruwan kuɗi (liquidity), suna ba masu amfani damar samun ƙarin ruwan kuɗi da kuma faffadan kayayyakin kuɗi ba tare da dogaro da asalin hanyar sadarwar su ba.

A cikin wannan yanayi mai cike da gasa da kuma haɗin gwiwa, tsarin muhalli na TRON ya sami damar tabbatar da ƙimar sa kuma yana ci gaba da haɓaka a fannoni da dama masu mahimmanci a cikin shekarar 2025. Daga cikin manyan nasarorin da aka samu, akwai USDD 2.0 wanda ya zo da tsarin samar da jingina (collateral minting) ta hanyar da ba ta tsakiya ba bisa yarjejeniyar al'umma. Masu amfani yanzu za su iya samar da tsayayyun kuɗaɗe (stablecoins) na vault waɗanda TRX da USDT ke marawa baya. Wannan ya zo ne tare da haɓakar shiga cikin hanyar sadarwar, inda rabon ajiya (staking ratio) a hanyar sadarwa ta TRON ya tashi zuwa sama da kashi 47%, sakamakon karɓar tsarin sa na Stake 2.0 da aka yi sosai. Bugu da ƙari, haɗin gwiwa na dabara da manyan jagororin masana'antu kamar Wintermute ya inganta ruwan kuɗi (liquidity) da kuma yanayin ciniki na alamun kuɗi (tokens) da ke a hanyar sadarwa ta TRON, wanda hakan ya ƙarfafa matsayin TRON a fannin tsayayyun kuɗaɗe (stablecoins) da kuma harkokin kuɗi na cikin sarka (on-chain finance).

Mayar da hankali kan ƙananan kuɗaɗen hada-hadar ya sa ta zama cibiyar ayyukan stablecoin, musamman tura USDT.

Sabbin Matakai na Gaba — AI, Derivatives da Ka'idoji

Ci gaban DeFi na shekarar 2025 ba kawai ya shafi jari da yawan ciniki ba ne; har ma da balagar fasaha da tsari mai zurfi. Abubuwa sun zama mafi sauƙin amfani, inda fasahar nan ta basirar na'ura (AI) ta mamaye fage a matsayin kalmar yayi da kuma ingantaccen kayan aiki. Ana amfani da AI tun yanzu a harkar ciniki ta atomatik, kimanta haɗarin yarjejeniyoyin bayar da rance (lending protocols) da kuma nazarin hasashen yanayin kasuwa. Waɗannan wasu ayyuka ne da ke ba ka damar zama mai amfani da DeFi cikin kiyayewa da sanin ya kamata na kuɗi. A gefe guda kuma, kasuwar derivatives ta DeFi ta haɓaka sosai. Wuraren musayar kuɗi (Exchanges) suna ba da nau'ikan derivatives daban-daban, kamar su options, swaps da futures, wasu ma a kan hanyoyin magance matsaloli na Bitcoin layer 2. Wannan yana buɗe babban jarin da ke kwance a cikin asusun Bitcoin kuma yana ba da damar yin amfani da shi a matsayin jingina don tallafawa dabarun kariya (hedging) da ciniki na gaba.

Wannan ci gaba mai sauri yana faruwa ne a daidai lokacin da yanayin ka'idojin dokoki ke canzawa. Kasuwanni suna ƙaura a hankali daga matsayar gwamnati maras tabbas ko mai tsauri zuwa tsare-tsare masu kyau kamar ka'idar Markets in Crypto-Assets (MiCA) ta Tarayyar Turai. Duk da wahalar bin waɗannan ka'idoji, suna kuma kawo haske da ake buƙata. Duk waɗannan suna janyo hankalin manyan masu zuba jari (institutional investors) waɗanda ke son tabbatar da cewa sun fahimci dokoki da kuma yawan rance (leverage) da za su iya samu kafin su kashe maƙudan kuɗi. Hanyoyin DeFi da suka mayar da hankali kan bin dokoki su ne matakin dinke wannan gibi, don ƙirƙirar tsarin da ƙirƙire-ƙirƙire za su ci gaba yayin da aka tabbatar da kariya ga masu amfani da kuma daidaiton kuɗi.

Haɓaka Hada-hadar Kasuwanci a Cikin Yanayin DeFi Mai Canzawa

Yayin da DeFi ke ƙara balaga, mayar da hankali kan inganci ba kawai ya shafi jari ba ne — ya shafi tsarin gudanar da ciniki ma.

A kan hanyoyin sadarwa da suka haɗa da TRON inda ake samun tsadar mu'amalar stablecoin, rage kuɗaɗen hada-hadar kuɗi ya zama babban al'amari ga masu amfani. Kowane aiki (misali, tura USDT) yana buƙatar Energy da bandwidth don amfani da albarkatun hanyar sadarwar. Idan masu amfani ba su da isassun kadarori a walat ɗinsu, suna buƙatar ƙone (burn) asalin token na hanyar sadarwar, wato TRX — wanda hanya ce ta biyan kuɗi mafi tsada. Wannan yana buƙatar kayan aiki waɗanda za su taimaka wa masu amfani ta hanya mai ma'ana wajen shawo kan waɗannan kuɗaɗen.

Domin cika wannan buƙatar, sabis ɗin Netts ya ƙaddamar da Kalkuleta na Tura USDT (USDT Transfer Calculator) don hanyar sadarwa ta TRON. Tare da wannan manhaja, za ka iya ganin takamaiman adadin Energy da bandwidth da za a kashe don kowane tura TRC20. Masu amfani za su iya yanke shawara mai kyau na rashin ƙone TRX, ta hanyar sanin takamaiman kuɗaɗen da za a kashe tun kafi lokaci. Sai dai, suna da wani zaɓin: yin hayar TRON Energy ta hanyar shiga Kasuwar Energy (Energy Market) buɗaɗɗiya. Wannan ƙaramin abu zai iya haifar da babban bambanci a fannin kuɗaɗen da ake kashewa.

Tanadin da ake samu yana da yawa sosai. Ƙone TRX don tura USDT na yau da kullun tsakanin adireshin mai tura kuɗi da mai karɓa waɗanda tuni suke da USDT ya kai kusan 13.84 TRX. Amma, ta hanyar yin hayar TRON Energy maimakon ƙone shi, farashin yana sauka zuwa kusan 2-3 TRX. Bambance-bambancen sun fi fitowa fili idan aka duba tura kuɗi zuwa sabbin adireshi waɗanda ba su taɓa karɓar USDT ba, waɗanda ke buƙatar ninkin Energy daga hanyar sadarwar. Idan hakan ta faru, ƙone TRX zai kai 27.70 TRX amma yin hayar Energy zai kasance 4-5 TRX kawai. A kowane hali, masu amfani za su iya samun tanadin da ya fi kashi 80%. Netts kuma yana ba da damar yin amfani da API wanda ya dace da masu haɓaka manhajoji da kamfanoni, wanda ke ba da damar haɗa tsarin lissafin kuɗi kai tsaye cikin manhajoji don inganta hada-hadar kuɗi a wannan fanni na DeFi da ke haɓaka cikin sauri da kuma kuzari.